Ontario small business tax decrease to take effect Jan 1
Starting Jan 1, the Ontario government intends to reduce the corporate income tax rates for small businesses from 3.5 per cent to 3.2 per cent.
“Small businesses are the backbone of our economy and that is why the government is creating the conditions for a competitive business environment by delivering on a key campaign commitment to provide tax relief to small businesses,” Todd Phillips, Minister of Finance, said in a news release.
Further, the government has announced its intention to meet with business owners and industry leaders which will provide them with the opportunity to tell the province what the government can do to help their businesses flourish.
“As the Associate Minister Responsible for Small Business and Red Tape Reduction, I couldn’t be happier for Ontario’s businesses that create jobs and opportunities for hardworking Ontario families,” said Prabmeet Sarkaria, Associate Minister of Small Business and Red Tape Reduction for the Ministry of Economic Development. “Our efforts to address red tape will save businesses over $338 million once the Better for People, Smarter for Business Act is passed”.
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